Florida exemptions

[vernors]

My wife and I own our home, but intend on surrendering it during Ch 7. I heard that if you do not use the homestead exemption in Florida, you can exempt $4000 in personal property rather than just the $1000. Our lawyer told us that by the fact that we own our home determines that we would only get the $1000 a piece. We will ask the question again to him, but I was wondering if anyone has experience with this issue. It seems that if we choose to surrender the house and not claim the homestead exemption, that should determine whether we get the $4000 a piece. Thanks.

[PoorGrammyinBK7]

July 2007 new $4,000 Florida wild card exemption

We have the same issue. We owe about the same or more than our home (just a small condo) is worth and there is no equity or maybe negative right now - might go up in 5 years but who knows if we will even be alive then?

We are ready to give it up! (And just PRAY we can find something to rent).

I have read that you can also get the $4000 personal exemption wild card if you do not claim the homestead exemption from the start and do not reaffirm the home loans, but do not know if this is the latest word on this issue.

Trustees/judges have done all kinds of things on this - not consistent at all, from what I have seen. Anyone have any more recent info regarding the July 2007 $4,000 Florida wild card exemption and not claiming or receiving benefit of the homestead exemption in bankruptcy?

Also, is it in addition to the $1,000 personal exemption for furntiture/household, etc - or is it just $4,000?

[FlaOnTheRocks]

Florida Homestead Exemption required for home owners

I also read the same posts from other people about the 4k exemptions if you do not claim the homestead exemption.

I asked my lawyer about this last week since I am real close to having negative equity. He told me that I am stuck with the 1k exemption because I own my home and it is homesteaded.

He also mentioned that most people have about $1/per sq ft in personal property. Since my home is 2,400 sq ft he expected me to have about $2,400 in personal property. After adding up the entire contents of the house (using yard sale prices) I came pretty close to the $2,400. I am only claiming about $1,200 though since a lot of the content of the house belongs to my "spouse" who is not claiming BK.